Toymaker Pop Mart profit surges 189pc

Shares of Pop Mart International (9992) surged nearly 5 percent after announcing its 2024 net profit nearly tripled from a year ago.

The Chinese toymaker recorded a net profit of 3.13 billion yuan (HK$3.35 billion) last year, up 189 percent from 2023, thanks to boosted business turnover in offshore markets.

It declared a final dividend of 81.46 fen.

Revenue amounted to 13.04 billion yuan, up 107 percent year-on-year.

Specifically, mainland business contributed to revenue of 7.97 billion yuan, marking a growth of 52.3 percent, while turnover from Hong Kong, Macau and other markets surged 3.75 times to 5.07 billion yuan.

In terms of intellectual property, the monsters series contributed the most revenue of 3.04 billion yuan, up 7.27 times, while the molly series and skullpanda series generated revenues of 2.09 billion yuan and 1.3 billion yuan, respectively.

Gross profit margin stood at 66.8 percent, an increase of 5.5 percentage points year-on-year. The toymaker said that was mainly due to increased revenue proportion from Hong Kong, Macau, Taiwan and overseas channels and continuous optimization of cost control at the supply chain end, as well as declined externally sourced goods.

STAFF REPORTER